Rivkin's name stripped from company he founded

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It's as if the one-time darling of Sydney's social and business scene and convicted insider trader Rene Rivkin had never existed.

Barely two months after his family sold its holding in Rivkin Financial Services, the new board decided on Friday to further disassociate itself from the disgraced former broker by stripping his name from the company he founded.

It told the Australian Stock Exchange that, effective immediately, Rivkin Discount Stockbroking would simply be known as Avcol Stockbroking. It said it would also ask shareholders at the annual meeting on November 29 to change the name of parent company Rivkin Financial Services to the Avcol Group.

Rivkin stepped down as a director and chairman of the company in May last year after he was found guilty of insider trading and sentenced to weekend detention for nine months. Shortly afterwards, the Australian Securities and Investments Commission banned the flamboyant Rivkin from providing any financial services due to a mental illness that was keeping him out of jail.

The suicidal Rivkin is serving the remainder of his time for insider trading in a single stretch to avoid the trauma of returning to his cell every weekend. The fallen multimillionaire will stay in Sydney's Long Bay jail until Thursday.

The recently appointed chief executive and director of Rivkin Financial Services, Alan Davis, who acquired Rivkin's 7.9 per cent stake in the company for $1.6 million, or 22c a share, did not return phone calls yesterday.

Rivkin's son, Jordan, still compiles the stockmarket tip sheet The Rivkin Report, which during its heyday in 2000 had 45,000 subscribers. Its last quoted number was 15,000. The report is not associated with Rivkin Financial Services.

On Thursday, the company posted a net profit of $3.89 million for the year to June 30, up from $1.33 million.

It also announced a 1.5c fully franked dividend, payable on October 15.